Haku
Viitteet 21-30 / 302
Rational exuberance booms and asymmetric business cycles
(25.11.2015)
Bank of Finland Research Discussion Papers 24/2015
Bank of Finland Research Discussion Papers 24/2015
I propose a theory of information production and learning in credit markets in which the incentives to engage in activities that reveal information about aggregate fundamentals vary over the business cycle and may account ...
Innovation and competition in Internet and mobile banking: an industrial organization perspective
(24.11.2015)
Bank of Finland Research Discussion Papers 23/2015
Bank of Finland Research Discussion Papers 23/2015
Over the recent years, the development of Internet banking and mobile banking has had a considerable impact on competition in the retail banking industry. In some countries, the regulatory framework has been adapted to ...
Shifts in euro area Beveridge curves and their determinants
(03.02.2015)
Bank of Finland Research Discussion Papers 2/2015
Bank of Finland Research Discussion Papers 2/2015
This paper analyses euro area Beveridge curves at the euro area aggregate and country level over the past 25 years. Using an autoregressive distributed lag model we find a significant outward shift in the euro area Beveridge ...
Monetary policies to counter the zero interest rate: an overview of research
(20.08.2015)
Bank of Finland Research Discussion Papers 18/2015
Bank of Finland Research Discussion Papers 18/2015
Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in ...
Switching costs and financial stability
(01.03.2016)
Bank of Finland Research Discussion Papers 2/2016
Bank of Finland Research Discussion Papers 2/2016
We establish that the effect of intensified deposit market competition, measured by reduced switching costs, on the probability of bank failures depends critically on whether we focus on competition with established customer ...
Social capital and debt contracting : evidence from bank loans and public bonds
(20.11.2015)
Bank of Finland Research Discussion Papers 21/2015
Bank of Finland Research Discussion Papers 21/2015
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental ...
Matching and credit frictions in the housing market
(05.10.2015)
Bank of Finland Research Discussion Papers 20/2015
Bank of Finland Research Discussion Papers 20/2015
We study the interaction of matching and credit frictions in the housing market. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Prospective ...
Price level targeting with evolving credibility
(23.02.2018)
Bank of Finland Research Discussion Papers 5/2018
Bank of Finland Research Discussion Papers 5/2018
We examine global dynamics under learning in a nonlinear New Keynesian model when monetary policy uses price-level targeting and compare it to inflation targeting. Domain of attraction of the targeted steady state gives a ...
Assessing U.S. aggregate fluctuations across time and frequencies
(20.02.2019)
Bank of Finland Research Discussion Papers 5/2019
Bank of Finland Research Discussion Papers 5/2019
We study the behavior of key macroeconomic variables in the time and frequency domain. For this purpose, we decompose U.S. time series into various frequency components. This allows us to identify a set of stylized facts: ...
Information acquisition during a descending price auction with asymmetrically informed players
(27.01.2017)
Bank of Finland Research Discussion Papers 5/2017
Bank of Finland Research Discussion Papers 5/2017
This paper considers equilibrium behavior in a descending price auction with two players that are asymmetrically informed. The ”informed” player knows his valuation while the other does not. The uninformed player can acquire ...